Save Your Dough! How Thriday Eliminates Financial Admin for Less than the Price of a Pizza

May 28, 2024
9
minutes to read
by
Justin Bohlmann
Table of Contents

For most new business owners, budgets can be tight, and there isn't much room to breathe. You know getting the finances right is essential, but the cost of hiring a Chartered Accountant or bookkeeper can be incredibly expensive. Even accounting software can come with a steep price tag. That's where Thriday comes in. Thriday is a next-generation platform that automates banking, accounting, and tax for small businesses, all for less than the price of a pizza. In this blog, we'll explore the cost of accounting and bookkeeping services and how Thriday can help your business save thousands in financial admin fees each year.

What Do Accountants and Bookkeepers Do? 

Accountants can help businesses with tax planning, financial reporting, and compliance with accounting regulations. They can provide valuable insights into a business's financial health and help business owners make informed decisions that can improve their bottom line. While hiring an accountant can be expensive, the savings and benefits they can provide to a business can make it a worthwhile investment. 

Bookkeepers can also provide valuable services to small businesses by keeping their finances organised and up to date. They can help with invoicing, payroll, and tracking expenses. A good bookkeeper can also help identify areas where a business can save money and improve cash flow. While the cost of hiring a bookkeeper can also be high, the time and energy saved by not having to manage finances can be well worth it. 

 

The Cost of Accounting and Tax for Small Businesses in Australia 

Hiring a Chartered Accountant or bookkeeper can be a significant expense when managing your business budget in Australia. According to a survey by CPA Australia, the average hourly rate for a Chartered Accountant in Australia is around $220, and a bookkeeper's hourly rate can range from $45 - $80. However, the cost of both can rise even further depending on the accountant's level of experience and expertise and the complexity of the work required. 

"According to a survey by CPA Australia, the average hourly rate for a Chartered Accountant in Australia is around $220, and a bookkeeper's hourly rate can range from $45 - $80."

  

While the expertise and experience of Chartered Accountants make them valuable resources for businesses, their fees can be high due to the level of work they perform. Chartered Accountants are highly sought-after professionals who have undergone rigorous training and must meet strict professional standards. They must stay up to date with the latest accounting laws and regulations, which can make their services expensive. 

In addition to accountants and bookkeepers, accounting software is becoming increasingly popular among small businesses in Australia. About 50% of small businesses in Australia use accounting software, which can range in price from free to over a thousand dollars per year, depending on the features and level of support provided. The cost of accounting software can be significantly lower than hiring an accountant or bookkeeper, and it can also save businesses time by automating some accounting tasks. Take this tax quiz to see if you need an accountant or bookkeeper for your business.

 

However, while accountants and bookkeepers can save businesses time and help keep their finances organised, the cost of hiring one can add up. According to a survey by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), small businesses in Australia with a turnover of less than $1 million spend an average of $3,300 per year on accounting and bookkeeping services. It's important to consider the value of their services to your business and whether the cost is justified. A good accountant or bookkeeper can provide valuable insights into your business's financial health. Still, with new software in the market, you can achieve the same outcome with a much smaller outlay. 

In the next section, we'll introduce you to Thriday, a new automated accounting software for small businesses. 

 

How Thriday Eliminates Financial Admin for Less Than the Price of a Pizza 

Thriday is an Australian-based financial technology company that provides affordable, all-in-one banking, accounting, and tax automation services to small businesses. Thriday's mission is to help small businesses save time and money by providing a platform that automates many of the financial tasks that would otherwise require hiring an accountant or bookkeeper. 

Thriday's platform is integrated with a business bank account*, allowing for real-time tracking of transactions and automatic categorisation of expenses. The platform also provides automatic invoicing and payment reminders, making it easier for businesses to get paid on time. Additionally, Thriday's platform offers automated tax reporting and filing, eliminating businesses needing to file their own taxes or hire a Chartered Accountant. 

Thriday's platform is easy to switch to and designed to be simple and intuitive, even for those with little or no accounting experience. The platform provides a dashboard that gives businesses a quick overview of their financial health, including cash flow, expenses, and revenue. The platform also includes a range of reports that can be customised to provide businesses with the information they need to make informed decisions. 

"Thriday's platform is easy to switch to and designed to be simple and intuitive, even for those with little or no accounting experience."

  

One of the main benefits of Thriday's platform is its affordability. You can join Thriday for free, and the premium package is only $29.95 per month, making it significantly cheaper than hiring an accountant or bookkeeper. Thriday's platform is also scalable, with pricing plans that accommodate businesses of all sizes. 

Thriday's platform is supported by a team of experienced tax agents who can support and advise businesses on the latest tax requirements. Thriday's team of professionals can help businesses with tasks such as BAS lodgment, tax planning, financial reporting, and compliance with accounting regulations. 

Overall, Thriday is the most cost-effective solution in the market and is perfect for small businesses that need help managing their finances. Thriday's platform provides a range of features and services that can help enterprises save time and money while improving their financial health. With its affordable pricing and easy-to-use platform, Thriday is an ideal solution for small businesses looking to automate their banking, accounting, and tax processes. 

Thriday Pricing Plans

 

Thriday - An Affordable Solution to Automate Banking, Accounting, and Tax 

Managing accounting, bookkeeping, and tax can be a tedious and time-consuming task for small business owners. According to research conducted by Thriday, business owners are wasting 6 hours and 19 minutes per week on financial admin tasks such as paying bills, chasing unpaid invoices, and reconciling transactions. This equates to over 40 working days per year in wasted productivity.

It's not always possible to hire a Chartered Accountant or bookkeeper to take care of these tasks, especially if you're just starting and have a limited budget. This is why Thriday is a game-changing solution to automate banking, accounting, and tax. It takes something most business owners can't afford and makes it affordable.

With Thriday's cloud-based accounting software, you can easily manage your finances, automate repetitive tasks, and access real-time financial information. It offers a range of features, including bank feeds, invoicing, expense tracking, and reporting, that help you streamline your accounting and bookkeeping process.

  

Thriday offers a simple pricing model that is affordable for small businesses. You can choose from three different plans based on the size of your business and the features you need. The basic plan is $0 per month and includes unlimited transactions, up to 9 bank accounts*, a Visa Debit card* and reporting. The premium plan, which provides advanced accounting and tax, is $29.95 per month. 

One of the standout features of Thriday is its automation capabilities. Thriday uses artificial intelligence and machine learning to automate repetitive tasks such as categorising transactions, reconciling accounts, and generating reports. This means you can spend less time on manual data entry and more on growing your business. 

Thriday also offers exceptional customer support with a dedicated team of experts to assist you whenever needed. Whether you have questions about setting up your account, using a specific feature, or need help with a tax-related issue, the Thriday team is always ready to help.

Thriday app

Thriday FAQs 

What is Thriday? 

Thriday is an online accounting software that helps small businesses automate their banking, accounting, and tax processes. It offers a range of features, including bookkeeping, invoicing, payments, receipt tracking, BAS lodgment and financial reporting. 

  

How much does Thriday cost? 

Thriday is free to join and offers a monthly premium package for only $29.95. You can save even more if you take up an annual package.

  

Is Thriday suitable for small businesses? 

Yes, Thriday is tailor-made for small businesses. It offers a range of features and pricing plans that are perfect for small business owners. 

  

How does Thriday automate accounting and tax processes? 

Thriday automates accounting and tax processes by integrating with your bank account* and Visa Debit card*. It categorises transactions automatically, reducing the need for manual data entry. It tracks GST and expenses, generates financial reports, and helps with tax compliance. 

  

Is Thriday secure? 

Yes, Thriday uses bank-level security and encryption to protect your financial data. All data is stored securely in the cloud, and Thriday uses the latest security protocols to ensure your data is safe. 

  

Can non-accountants use Thriday? 

Yes, Thriday is designed to be easy to use, even without accounting or bookkeeping experience. It offers a range of user-friendly features and provides support to help you get started. 

  

What type of support does Thriday offer? 

Thriday offers a range of support options, including phone, live chat and email support, as well as an online knowledge base and video tutorials. Thriday also offers a free premium trial, so you can try the more advanced features before committing to a paid subscription. 

 

Managing finances is essential to running a business, but it doesn't have to be expensive. Hiring a Chartered Accountant or bookkeeper can be costly, and accounting software can come with its own set of fees. That's where Thriday comes in. With Thriday, small businesses can automate their banking, accounting, and tax processes at a fraction of the cost of traditional methods.  

Thriday's key features include real-time financial data, automated bookkeeping, and tax compliance. These features make managing finances easier and more efficient for small businesses. The affordability of Thriday's services is due to its use of automation, which reduces the need for manual work and the associated costs.  

Thriday is a cost-effective solution for small businesses looking to streamline their financial management. By automating their banking, accounting, and tax processes, small businesses can save time and money while ensuring compliance with regulatory requirements. With Thriday, small businesses can focus on what they do best - running their business - while leaving the financial management to the experts.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

Why waste time on financial admin when Thriday can do it for you?

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